Drug startup BioMarck lands $6.3M in new financing
Respiratory disease drug treatment startup BioMarck Pharmaceuticals, has secured $6.3 million in new financing.
The money will be used by BioMarck for the ongoing Phase II clinical trial of its inhalation compound that could be a treatment for chronic obstructive pulmonary disease.
BioMarck is utilizing technology licensed from N.C. State University.
The new funds represent the third round of money BioMarck has closed on from outside investors. It also recently received a $990,000 grant for its drug trial from the National Institutes of Health.
BioMarck did not disclose the names of its investors.
“This is a powerful endorsement of our mission to treat COPD and other respiratory diseases associated with the over secretion of mucus and pulmonary inflammation,” said Allen Gant, BioMarck’s chairman and chief executive officer. “I am delighted to have closed the round in a period that has seen unprecedented financial turmoil worldwide, and at a time when biotech funding is more arduous. BioMarck has generated significant value since our prior financing round and this is reflected in the strong support from our shareholders.”
BioMarck also recently secured two more U.S. patents for its intellectual property portfolio. One patent covers its lead compound which targets mucus in respiratory diseases. The second covers anti-inflammatory research.
BioMarck’s work focuses on peptides. The patents will cover treatment of pulmonary diseases related to mucus and airway inflammation, the company said. It also is seeking international patent coverage.
The lung treatment drug, which is undergoing clinical trial, is designed to combat mucus. According to BioMarck, there are no drugs that treat pulmonary disease by targeting the excessive mucus secretion.
In 2007, BioMarck secured $4 million in venture funding and won U.S. patent coverage for other key parts of its technology.
Kenneth Adler, a professor of cell biology at NCSU, made the discoveries that led to the development of BioMarck’s technology.
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